RECON
Real Estate Center Online News
February 11, 2011

HOUSTON (Metrostudy) – The Bayou City's economy is showing signs of recovery according to a recent Metrostudy report.
The Houston economy had over 13,000 more jobs at the end of 2010 than it had at the beginning, a .5 percent increase after a loss of 102,800 jobs in 2009.
Overall, Metrostudy recorded 18,752 home starts in 2010, a 1.1 percent increase over 2009. This is the first increase in new home activity after three straight years of decline, according to the Metrostudy report.
Houston closed 20,579 homes in 2010, a 10 percent decline from 2009. Closings have outpaced starts since first quarter 2007, so the market has absorbed inventory.
Total new home inventory stands at a 5.9-month supply, below the six months that Metrostudy considers equilibrium for Houston. Finished vacant inventory has dropped to 5,320 units, a 3.1-month supply.
“The Houston market continues to face fewer market obstacles than most U.S. markets,” said David Jarvis, director of Metrostudy’s Houston division. “Texas’ pro-growth policies and business friendly environment will continue to benefit local housing markets and allow for 2011 to show moderate growth.”

The Real Estate Center is part of the Mays Business School at Texas A&M University in College Station - the heart of the Research Valley.
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